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Scorpio Bulkers sells and charters back ultramax

Monaco owner Scorpio Bulkers has entered into a transaction with an unaffiliated third party for the refinancing of one of the company’s ultramax vessels.

Under the transaction, Scorpio Bulkers will sell its 2015-built ultramax bulker  SBI Echo for $19m and lease it back via a five-year bareboat charter agreement at a rate of $5,400 per day.

Scorpio Bulkers will have options to repurchase the vessel beginning on the third anniversary of the sale until the end of the bareboat charter agreement.

The deal increases the company’s liquidity by approximately $7.9m after repayment of the vessel’s existing loan.

Scorpio Bulkers has secured a series of sale and leaseback deals this year to refinance its fleet.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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